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Dec 29, 2012
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our guest is joseph rosenberg with the tax policy center, followed by a discussion on
our guest is joseph rosenberg with the tax policy center, followed by a discussion on
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Dec 30, 2012
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, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible. everybody has a lifetime job. they get huge pieces of the pie. and ownership is -- the people, the workers, everybody owns the piece of the pie. host: what does this have to do with the fiscal cliff? caller: well, if more -- if more people -- if more industries would go to that, they wouldn't fall off the cliff. everybody would go to work. host: mr. rosenberg? guest: so i haven't heard of that but it sounds like a great place to be and live. i would have to get the name of that again. host: next up is don on the washington redskins. -- "washington jo
, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible....
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Dec 22, 2012
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trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my colleagues the other night had an analogy of 100 people drowning in a pool, and that he was a lifeguard. because he could not save any of them, does that mean that he should not have done anything? his point was, if i can go in there and save 99 people that are drowning, that is what i should do as a lifeguard. but the perception was out there and a lot of our members did not want to deal with it. >> [inaudible] are you willing to pass a bill [inaudible] >> we have passed a bill and is sitting in the senate. we passed a bill to deal with the sequester. what we were trying to do this week was to basically jumpstar
trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my...
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Dec 23, 2012
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they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into knots the chances for our nation not going over the cliff. vote no on these bills that take us backward, that undercut trust, that increase the chances of going over the fiscal cliff. this is not a plan. this is a ploy. >> i would like to inquire of my friend how many speakers she has remaining. it looks like a couple. i will reserve the balance of my time. >> i would be happy to tell you. four. >> the gem and reserves. >> thank you. three minutes right now. the gentleman from massachusetts. >> recognize for three minutes. >> thank you for the time. just
they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into...
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Dec 28, 2012
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john boehner could not even pass a tax proposal that he suggests over there where he would keep the taxes the same for everybody except people making over a million dollars a year. no, grover and the boys said no, you can't do that. so he didn't even bring it up for a vote. so i am here, i'm happy to listen to anything the speaker and the republican leader have. they have a way of getting the president, they don't need my help, i'm happy to work with them any way i can, but the way things have been going, it's not a real good escape hatch they have. they are out of town now. they will be back for two days, 48 hours, so that's where we are. Ñ k;e,e,hkaeÑ k;e,e,hkae two-thirds who starred at the four-year institution finish there. to the extent they are relying on debt to make college more affordable, they need the evidence to back it up. if the students were to hear that two-thirds of the students from this college or going to graduate or drop out with more debt than they can afford to pay, they might walk to a college that is less problematic on equal measure. but what is needed is not
john boehner could not even pass a tax proposal that he suggests over there where he would keep the taxes the same for everybody except people making over a million dollars a year. no, grover and the boys said no, you can't do that. so he didn't even bring it up for a vote. so i am here, i'm happy to listen to anything the speaker and the republican leader have. they have a way of getting the president, they don't need my help, i'm happy to work with them any way i can, but the way things have...
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Dec 31, 2012
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if they no taxes are going down, they will figure things. if they now taxes are staying the same, they will figure it out. right now it they are frozen -- they do not know. families are also in many ways frozen. they do not know whether they have to budget so that they will have $2,000 less next year. they do not know whether it will be $4,000. they do not now. the uncertainty is the fault of leaders who cannot get together. i think it is critical that we get a deal. i hope in the next couple of hours. to me -- somebody asked me, what is the difference if you get it now or five days from now? i say the difference is the uncertainty, this pall, an unnecessary and escalating crisis -- then you say, we do not have to do it now. we do it on the fourth. get it done. america wants us to get it done. the president has shown he is willing to be flexible. he has come out with some ideas i have had to except. he is willing. i know personally how strongly he feels that $250,000 should be where we draw the line in terms of tax breaks, but he was willing
if they no taxes are going down, they will figure things. if they now taxes are staying the same, they will figure it out. right now it they are frozen -- they do not know. families are also in many ways frozen. they do not know whether they have to budget so that they will have $2,000 less next year. they do not know whether it will be $4,000. they do not now. the uncertainty is the fault of leaders who cannot get together. i think it is critical that we get a deal. i hope in the next couple...
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Dec 23, 2012
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it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the year is getting old because everything is rushed. we need to sit back and go over the cliff and let these guys see if they cannot work out a deal. so far they have not been able to do it for the last four years. i do believe that we need to stay at 18% to 20% gdp. as far as cuts, we have never really gotten the cuts that we were supposed to. that is like a sequester. that was passed in 2011. they are still working on it. most of the cuts are based on the increases that are built in due to baseline. when we do cuts, we need to go back to a zero baseline. caller: their collars are incredibly w
it is not the worst thing if we can suddenly raise our are sent to joe tax rates -- of tax rates. the center is boehner and obama and the other leadership posts there publicly saying no, no. you cannot go over this. we should stop this. host: barbara from texas. caller: thank you for taking my call this morning. merry christmas. i have been listening to c-span a lot. i have got some comments and one question. i do believe that we need to go over a physical cliff. doing a deal at the end of the...
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Dec 29, 2012
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you know, only half the people in the country paid taxes. every one of those people pay taxes. they would not have been there. that relieves the burden on all the other taxpayers. the government job burdens the other taxpayers. to me, that kind of struck me as something as a significant personal accomplishment. i never realized or even thought about that until after i retired. ok, let me find the clicker and we will get going. let's try the button. ok. we are going to talk about manned space flight. the first flight we are going to talk about is that wonderful first nine years, at eight years really. this chart shows every one of the launch systems developed in the world during that short time. there are nine launch systems designed and flown during that time. vostok, the red stone, the atlas, the x-15, then gemini, the titan system, the russian soyuz. somebody told me they could not lift it, but if it was in the gas, it could lift it. that is probably not true. [laughter] interesting thing -- seven of these nine were done by nasa. and every one of the seven were flown without
you know, only half the people in the country paid taxes. every one of those people pay taxes. they would not have been there. that relieves the burden on all the other taxpayers. the government job burdens the other taxpayers. to me, that kind of struck me as something as a significant personal accomplishment. i never realized or even thought about that until after i retired. ok, let me find the clicker and we will get going. let's try the button. ok. we are going to talk about manned space...
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Dec 30, 2012
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the new york times is why the economy needs tax reform. tax reform done right. higher taxes raise progressively. caller: i cannot understand why it is the bureaucrats are able to control all the american citizens. i think there ought to be term limits. if they do not do their job why don't me through all of them out and appoint somebody? they are the ones that get the point slip. the epa is pushing along. they have this right here just a few miles from me. every bit of pork barrel spending there is, their pensions would be cut. they would have to have the statements to push down the american people consider having a set of rules for them. all this does is make it harder on the middle-class. i see this every day in the east door. the government is spending all the money. host: a lot of frustration. guest: it is not always fraud and abuse. we have a deficit of $1 trillion in a budget that is about $1 trillion. we are not going to balance the budget. a lot of what your suggestion are changes in the constitution. the elected representatives are largely doing what th
the new york times is why the economy needs tax reform. tax reform done right. higher taxes raise progressively. caller: i cannot understand why it is the bureaucrats are able to control all the american citizens. i think there ought to be term limits. if they do not do their job why don't me through all of them out and appoint somebody? they are the ones that get the point slip. the epa is pushing along. they have this right here just a few miles from me. every bit of pork barrel spending...
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Dec 30, 2012
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is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there are a number of senate democrats up for reelection in 2014 that not want to see that tax rate rise. that is a political football here as well. host: as we are in the final hours, what is motivating congress more, public perception, the stock market's? guest: i think it is both of those things. the stock market, all of the analysts i have talked to, they built in a certain amount of time to give congress a face to work this out. increasingly, there is concern that if they do not work this out, the markets will react. particularly kagel we go over the cliff and there is
is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there...
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Dec 30, 2012
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taxes. if they want to live in america, they should otherwise go back to where they came from. if you have got people just sitting there in the 51%, just sitting without rolling, we need to get them out of the boat. here's the thing, if you have a house and cannot pay your bills, you shut off the cable, the cell phone, you get rid of the excess going to mcdonald's when you do not have the money. we have a spending situation in our government and no one wants to shut it off. the thing about it is the american people want to keep printing money, but there is a day of reckoning coming. when it comes there will be no military and we will have chaos. host -- >> it seems that much of that is focusing on the sequestration budget cuts and the cliff. set to happen and take effect on january 31. other members of other sunday shows -- by the way, we air all of the network's sunday programs on c-span radio. here is what they had to say this morning on "state of the union." [video clip] >> you have to fo
taxes. if they want to live in america, they should otherwise go back to where they came from. if you have got people just sitting there in the 51%, just sitting without rolling, we need to get them out of the boat. here's the thing, if you have a house and cannot pay your bills, you shut off the cable, the cell phone, you get rid of the excess going to mcdonald's when you do not have the money. we have a spending situation in our government and no one wants to shut it off. the thing about it...
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Dec 23, 2012
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do i want higher taxes? certainly not. maybe gun owners need to be taxed more. whereoking for a solution we do not have assault weapons. i own them. i hunt. i don't need one. host: this to say in 1993 -- will it take? how many wounded? how many dead, but how many children? an absolute failure of government to protect its people, and we need to get serious about doing something. houston, texas, good morning. caller: my hearts go out to those families, but i don't believe gun control is the answer because these criminals basically murdered for the guns, in this case. it a criminal wants to commit a crime, he/she will get a weapon. whether or not it is an assault rifle or a pistol, it's still just as deadly. host: this is an editorial from "the new york post," entitled a leadership deficit. he called his comments on friday as "peddling." wayne lapierre will be on nbc's "meet the press." you can listen in on that starting at noon eastern. from the web site, there is this. --ashington journal > [video clip] >> host: from the nra website. the headline this morning, th
do i want higher taxes? certainly not. maybe gun owners need to be taxed more. whereoking for a solution we do not have assault weapons. i own them. i hunt. i don't need one. host: this to say in 1993 -- will it take? how many wounded? how many dead, but how many children? an absolute failure of government to protect its people, and we need to get serious about doing something. houston, texas, good morning. caller: my hearts go out to those families, but i don't believe gun control is the...
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Dec 29, 2012
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the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising the dollar revenue from them is sort of less harmful than it is from lower income folks. so, i mean, those debates are worth having, but i think when you actually get down to the specifics and play it out, things like a straight flat tax or national retail sales tax don't make a lot of sense. host: we've been talking with joseph rosenberg, a research associate at the tax policy center. if you want to get more information about the work that they do, you can go to our website, taxpolicycenter.org. part of the urban tax policy working center. thank you very much for being on the program. >> it is f
the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising...
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Dec 28, 2012
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we should roll back the reagan tax cuts. tax cuts do not work. the bush tax cuts have been designed to be temporary. we have had no job growth due to the tax cuts. forbusinesses on the hook reinvesting their profits back into the businesses. thank you for taking my call. host: the story from "the washington times." host: other candidates that have been mentioned include the attorney general in massachusetts. he ran against scott brown and loss. congressman stephen lynch. name out of contention is ted kennedy, jr. he will not seek the seat. he was speculated to seek the seat of his late father. the decision to buck the dying inouye. senator daniel in a the swearing-in took place yesterday with joe biden. brian schatz becomes the senior senator with the new congress being formed on january the third. on the independent line -- jack on the independent line. caller: good morning. i bet a co-worker that we are going over the fiscal cliff. it is more of a slope than a cliff. it would be a year of complete in activity before we would see the real bite o
we should roll back the reagan tax cuts. tax cuts do not work. the bush tax cuts have been designed to be temporary. we have had no job growth due to the tax cuts. forbusinesses on the hook reinvesting their profits back into the businesses. thank you for taking my call. host: the story from "the washington times." host: other candidates that have been mentioned include the attorney general in massachusetts. he ran against scott brown and loss. congressman stephen lynch. name out of...
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Dec 28, 2012
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-- on taxes? we are three days away from getting taxes raised. guest: we have seen a couple stories in recent days about the tea party influence in these talks or lack of influencing the talks. this is one of those tricky issues. a conversation is all about the deficit. the problem is how aggressive will they go after the deficit and what mix of spending cuts and tax increases will be part of the negotiations? it is a wait-and-see approach. whatever decision is made will annoy some interest groups, whether it aid charities or the housing industry or teachers, but the party. we will see some swift reaction. at this point, it's hard to know what to protest, because the deal is in flux and has fallen apart so many times. host: let another scenario on the table. a recent agreement on the fiscal cliff, another big issue will be raising the debt limit their there's also the issue of immigration,, the president wants to bring up in his state of the union. and the issue of maybe an assault weapon ban that could, and congress. some big ticket items. how i
-- on taxes? we are three days away from getting taxes raised. guest: we have seen a couple stories in recent days about the tea party influence in these talks or lack of influencing the talks. this is one of those tricky issues. a conversation is all about the deficit. the problem is how aggressive will they go after the deficit and what mix of spending cuts and tax increases will be part of the negotiations? it is a wait-and-see approach. whatever decision is made will annoy some interest...
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Dec 27, 2012
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accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported -- host: i think we got your point . do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana, with the appropriate warnings and the like, you can make a case for it. when you get addicted to those things like cocaine, it is difficult to get you off of it. much harder than cigarettes and liquor. you have to have gradations. when people get paroled from prison, oftentimes a nuclear weapon. they go back to using drugs. do you throw them in for another five or 10 years? do you let them go? spend a night in jail. there is a lot of gradations on this thing. that debate will be joined. in terms of medical marijuana, there's an element of marijuana that i do not understand they cannot extract that
accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported -- host: i think we got your point . do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana, with...
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Dec 29, 2012
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from the alternative minimum tax. it is all very urgent stuff that needs to be done. there are only two even remotely controversial pieces of this, what to do with the estate tax and where or how to define the wealthy people whose taxes are going to go up. the rest of it is basically protecting people from tax hikes, extending unemployment benefits for some time is controversial for republicans, but it appears to have a great they would do that if -- it appears that they have agreed. it can be relatively easily if they can reach agreement on what to do about taxes for the rich. >> in your article in the "washington post," this morning, you quote majority harry reid who says, whatever we come up with is going to be imperfect. he said on the floor before dozens of silent and a tentative senators, we're going to do the best we can for the country. it seems like he ihas made his decision. what is it going to take to get the rest of the folks to go along with him? >> we will not really know that until tomorrow. one of the
from the alternative minimum tax. it is all very urgent stuff that needs to be done. there are only two even remotely controversial pieces of this, what to do with the estate tax and where or how to define the wealthy people whose taxes are going to go up. the rest of it is basically protecting people from tax hikes, extending unemployment benefits for some time is controversial for republicans, but it appears to have a great they would do that if -- it appears that they have agreed. it can be...
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Dec 22, 2012
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taxes, estate taxes. all those are important to the economy. host: putting more money in people's hands to spend the money that these businesses with people making 250,000 dollars or more. if i have more money to spend, i will spend it on your business and everybody wins. guest: the drivers of the economy are people who produce things. you cannot consume what people do not produce. we need more incentives for production and investment. if you look at the latest numbers on gross domestic product, one of the things that is hurting the economy right now is business investment. they are not investing. it is because there is uncertainty about what washington will do. if you think we want more businesses to build factories here and invest more in equipment and more factories, you do not want to raise taxes on those businesses for investing. when you raise capital gains and dividend taxes and small business taxes, they have less for investing and that means less jobs. one of the things that really irks me as an
taxes, estate taxes. all those are important to the economy. host: putting more money in people's hands to spend the money that these businesses with people making 250,000 dollars or more. if i have more money to spend, i will spend it on your business and everybody wins. guest: the drivers of the economy are people who produce things. you cannot consume what people do not produce. we need more incentives for production and investment. if you look at the latest numbers on gross domestic...
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Dec 29, 2012
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the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising the dollar revenue from them is sort of less harmful than it is from lower income folks. so, i mean, those debates are worth having, but i think when you actually get down to the specifics and play it out, things like a straight flat tax or national retail sales tax don't make a lot of sense. host: we've been talking with joseph rosenberg, a research associate at the tax policy center. if you want to get more information about the work that they do, you can go to our website, taxpolicycenter.org. part of the urban tax policy working center. thank you very much for being on the program. guest: tha
the idea of sort of flat taxes or national retail sales tax, taxes have long been proposed and talked about. i mean, i think fundamentally, it sounds appealing, but, you know, what you're really talking about is relative to what we do now. you're talking about a much different way of raising -- much more revenue from lower and middle income people and less from the very rich. my sense is that's not where the american people are at. there is this sort of sense that higher income people raising...
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Dec 28, 2012
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not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides financial's -- there are goods that go from 5 to education with the it is healthier, more civic -- warlock the to vote. but of good as some from a college education. we should be putting the highest priority and of the lowest possible priority. the states, the first place they cut is there or to government. we get what we sow and we think about or read our society to be in a few hundred years. not cutting the one thing that is a real embarrassment into the future. " a the thing i should say, i am sure that mark has a few things to add to, i will give you examples of a parent loan situation. i
not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides...
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Dec 27, 2012
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that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the board. and guess what? the special committee could not reach an agreement on an overall fiscal plan. so this sword of damocles is about to drop and put into place a policy no one thought was a good one. >> what is congress' role in this? >> i opposed it. i said this was going to lead to trouble. i laid out where i thought it would ultimately leave us, and he we are. here we are. somebody said to me today, don't you sometimes feel like, i told you so? it doesn't do any good. i wish alan greenspan would have listened to my advise what i said to hi
that is why the bush tax cuts are about to expire. the same is true of the so- called the sequester. it is an across-the-board cut of $1.20 trillion focused on domestic spending, it was put in place to provide leverage to the special committee that was supposed to resolve these matters and it was supposed to be the sword of damocles that if they did not reach an agreement to sequester would drop and there would be an across-the-board cut. no distinctions, no prioritization. just cut across the...
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Dec 29, 2012
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our guest is with the tax policy center. ball by a look at presidential campaigning and the influence of the electoral college with author of the rise of the president permanent campaign. later, an update on hurricane sandy release still making its way through congress. we are a dime by dan faymann. live at seven easton on c-span. >> next, an engineer and entrepreneur in the aerospace community, contrasts today's space program to the pioneering days of space -- space exploration days ago and talked about the history of manned space flight. he designed spaceship one that completed the first manned private space flight in 2004. the voyager aircraft in 1986 became the first airplane to fly nonstop around the world without refueling. this is about an hour and a half. >> i am going to talk about meanly two things. there is inspiration. inspiration for our kids so they can be innovative. and i am going to talk a lot about manned space flight. we are on the space coast, i guess, right? we will talk quite a bit about the history of
our guest is with the tax policy center. ball by a look at presidential campaigning and the influence of the electoral college with author of the rise of the president permanent campaign. later, an update on hurricane sandy release still making its way through congress. we are a dime by dan faymann. live at seven easton on c-span. >> next, an engineer and entrepreneur in the aerospace community, contrasts today's space program to the pioneering days of space -- space exploration days ago...
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Dec 24, 2012
12/12
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it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of benefits. we see the payouts. benefits, 90% of the money spent goes to benefits and administrative expenses and retirement. what are some of the other numbers we're seeing? guest: the interest is from the trust fund. so when the last time social security in 1983 they put in a system that generated more money in tax revenue than were being paid out in benefits. a trust fund was built up. so when social security had that additional money, the treasury holds it. they invest it in treasury bonds and those bonds earn interest. that is where that big portion of your income for the
it is funded by payroll taxes. there's a 12.4% tax on wages up to about $110,000. you make more than that then any money you make over that is not taxed for social security. it is divided equally between your employer and the worker. for the past two years, the workers share has been reduced. that has saved, by the way, if you are an average worker that is $1,000 tax cut. host: we can see in this pie chart where that money comes from. payroll taxes making nearly 83% and interest and taxation of...
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Dec 22, 2012
12/12
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the tax code. why don't we take that up. ? let's get this done. it is called legislating. that is what used to in congress. democrats may be popping champagne corks about bringing down a plan b, but all their efforts to do so yesterday was not perfect -- protect one single tax. from a massive tax hike in a few weeks. the american people are waiting. surely we can do better than this. let's do it. i yield the floor. >> a leadership time is reserved -- the majority leader. >> mr. president, if this or not such a serious situation we face or sells, it would be laughable. can you imagine saying that we should defeat a bill that we have already defeated? we voted on the proposal at the same time we voted to pass that one protecting middle class americans. that passed the senate. giving the richest tax breaks that they get, the proposal they had was about $50,000 extra for each one of them. it was defeated in the senate. my friend, and he is my friend, the republican leader is struggling to find a way to
the tax code. why don't we take that up. ? let's get this done. it is called legislating. that is what used to in congress. democrats may be popping champagne corks about bringing down a plan b, but all their efforts to do so yesterday was not perfect -- protect one single tax. from a massive tax hike in a few weeks. the american people are waiting. surely we can do better than this. let's do it. i yield the floor. >> a leadership time is reserved -- the majority leader. >> mr....
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Dec 27, 2012
12/12
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accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported wood -- host: i think we got your point. do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana, with the appropriate warnings and the like, you can make a case for it. when you get addicted to those things like cocaine, it is difficult to get you off of it. much harder than cigarettes and liquor. you have to have gradations. when people get paroled from prison, oftentimes a nuclear weapon. they go back to using drugs. do you throw them in for another five or 10 years? do you let them go? spend a night in jail. there is a lot of gradations on this thing. that debate will be joined. in terms of medical marijuana, there's an element of marijuana that i do not understand they cannot extract
accounts receivables tax, cigarette tax, corporate income tax. host: etc., etc. ralph in illinois. caller: merry christmas. losing ground in a dozen wars and by outgoing a path for free medicine and replacing imported wood -- host: i think we got your point. do you have a position on the so-called war on drugs? guest: i shake my head a little bit. many of the advocates of legalizing marijuana of those that will lead the charge like the mayor in new york against smoking. in terms of marijuana,...
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Dec 28, 2012
12/12
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tax revenue for the government. i want to urge congress and senators to vote for keeping our tax cuts in place, especially for the middle class and pushing our fiscal crisis to a balanced approach. go ahead and eliminate those tax cuts for the wealthiest individuals. if we all look at it and tried to consider what was going to work for the best, we needed to look at consumer demand. consumer demand is in the 98% of us who are out there driving the economy. the economy require strong consumer sentiment and strong business. i am urging congress to take action. stop playing games. let's move on. thank you. [applause] >> thank you so much, bob. it's a wonderful to have a sensible message from a a small business who really knows what makes our country work. now, i am honored to introduce to you stu and theresa. the mother of three in maryland and will talk to us about the reality she experiences both house and mother but also working within the community college system. sue. >> thank you for coming. i live nearby in mary
tax revenue for the government. i want to urge congress and senators to vote for keeping our tax cuts in place, especially for the middle class and pushing our fiscal crisis to a balanced approach. go ahead and eliminate those tax cuts for the wealthiest individuals. if we all look at it and tried to consider what was going to work for the best, we needed to look at consumer demand. consumer demand is in the 98% of us who are out there driving the economy. the economy require strong consumer...
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Dec 25, 2012
12/12
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back it up a little bit. 1960, the senate was considering of legislation to abolish coal tax. byrd voted against it. byrd tried to explain he was not opposed to the intent of the legislation, but it goes against the state rights. therefore, congress cannot step in and say -- byrd said to do it right. he said he could not vote on it if it was going to be done this way. two years later, congress comes back with a constitutional amendment and byrd voted for it. he voted for it once they did it right with a constitutional amendment. he filibustered, it is true. there was a 14 hour filibuster. read through the thing. everyone points out him being racist. read throughout the filibuster. there is not one racial thing. the whole thing is basically constitutional law. he makes clear to make it right before he can support it. he agrees that there should be no discrimination in the standards. the objective sought -- the objective here is a worthy one. he concurs with the objective. here he is talking about literacy tests. the constitution does not limit to that. he opposed them on that m
back it up a little bit. 1960, the senate was considering of legislation to abolish coal tax. byrd voted against it. byrd tried to explain he was not opposed to the intent of the legislation, but it goes against the state rights. therefore, congress cannot step in and say -- byrd said to do it right. he said he could not vote on it if it was going to be done this way. two years later, congress comes back with a constitutional amendment and byrd voted for it. he voted for it once they did it...